Egypt Stocks: Arabia Investments, Egyptian Resorts, National Co.
Egypt’s benchmark EGX30 Index lost 0.4 percent to 6,670.34 at the 2:30 p.m. close in Cairo. The gauge advanced 0.5 percent this month, bringing its gain for the year to 7.4 percent.
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Arabia Investments & Development & Financial Investments Holding Co. (AIND EY) gained 3 percent to 1.02 Egyptian pounds, its highest level in almost two weeks. The company plans to buy department store Omar Effendi for 320 million pounds ($55 million) from Anwal of Saudi Arabia, Amr Sadek, Arabia Investments’ investor relations director said.
Egyptian Resorts Co. (EGTS EY) dropped 2 percent to 1.93 pounds, the lowest level in a month. Forty-one million square meters, or all the land the resort builder owns, are the subject of a lawsuit, said Shehata Mohamed Shehata, the lawyer who filed the suit against the government for having sold the land to the company without a public auction.
National Co. for Maize Products (NCMP EY) climbed 4.7 percent, the most since May, to 17.26 pounds, The Cairo-based operator of a milling plant said nine-month profit rose 6.6 percent to 63.9 million pounds.
National Real Estate Bank (NRPD EY) advanced 3.1 percent to 26.92 pounds, its highest level in almost four weeks. The Cairo- based lender said third-quarter profit surged to 4.9 million pounds from 160,830 pounds in the year-earlier period.
Orascom Telecom Holding SAE (ORTE EY) declined 1.8 percent to 4.41 pounds, its lowest level since March 2009. The Algerian unit of the Middle East’s biggest mobile-network operator by subscribers will have to pay $420 million in fines and back- taxes before the government of the North African country agrees to buy it, Algerian Prime Minister Ahmed Ouyahia said today.
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